Business
Farm-in Letter of Intent
Farm-in Letter of Intent.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n RNS Number : 9039Y Rockhopper Exploration plc 11 September 2009 \n \n\n\nPRESS RELEASE\n\n11 September 2009\n\nRockhopper Exploration plc ('Rockhopper' or 'the Company')\n\nFarm Out - Letter of Intent\n\nRockhopper Exploration, the North Falkland Basin oil and gas explorer, is pleased to announce that it has agreed terms with a third party energy company for a farm-in to one of the Company's licences, through a contribution, at a promote, to the costs of drilling one well on the licence and to certain back costs. A Letter of Intent to farm in has been signed and discussions continue to progress the agreement this into a fully binding joint venture.\n\nThe Letter of Intent and any subsequent agreement remains subject to certain approvals by the Falkland Islands Government and both parties. A further announcement, including the terms of the proposed farm in, will be made once the necessary approvals are in place.\n\nRockhopper also welcomes the announcement made yesterday by Desire Petroleum plc ('Desire') regarding a Letter of Intent it has signed with Diamond Offshore Drilling for the hire of a rig for a North Falkland Basin drilling campaign commencing in February 2010, where a minimum of 4 wells will be drilled and additional slots may be available for Desire and/or its partners. The Company hopes to drill a minimum of two wells on its operated acreage (owned 100%) as part of this larger campaign with Desire.\n\nFor further information, please contact:\n\nRockhopper Exploration plc www.rockhopperexploration.co.uk \nSam Moody - Managing Director 01722 414 419\n\nAquila Financial Ltd www.aquila-financial.com \nPeter Reilly &n...